India’s IPO market continues to witness niche companies entering the capital markets, providing opportunities for investors to diversify their portfolios. Sheel Biotech Limited, a leader in biotechnology, floriculture, and organic farming services, is set to open its IPO on September 30, 2025. This IPO comes amid growing demand for sustainable and high-quality agricultural and horticultural solutions.
About Sheel Biotech Ltd.
Incorporated in November 1991, Sheel Biotech Limited specialises in biotechnology, floriculture, greenhouses, and organic farming projects. The company grows and supplies plants for field crops, fruits, vegetables, and ornamentals using tissue culture and organic farming techniques.
The company also manufactures and maintains greenhouses, provides training and services through Farmer-Producer Organisations (FPOs), and offers landscaping services for government and private projects. Its R&D laboratory is recognised by DBT and DST, and the company holds ISO 9001:2015, 14001:2015, and 45001:2018 certifications.
Services & Product Portfolio:
- Planting Material: Disease-free plants for fruits, floriculture, forestry, and ornamentals
- Horticultural Projects: Greenhouses, packhouses, centres of excellence, with modern technology integration
- Organic Adoption & Certification: Support for farmers to transition to organic farming (NPOP and PGS standards)
- FPO Management: Training, skill development, and market linkage assistance
- Skill Development: Workshops, seminars, and exposure trips for agripreneurs
As of September 30, 2024, Sheel Biotech employed 160 permanent employees.
Competitive Strengths:
- Expertise in biotechnology, horticulture, and organic farming
- Eco-friendly practices and sustainable solutions
- Integrated service portfolio covering agriculture, floriculture, and horticulture
- Experienced management and professional team
Sheel Biotech IPO Details
The Sheel Biotech IPO is a book-building issue of ₹34.02 crore, entirely a fresh issue comprising 0.54 crore shares. The IPO will be listed on NSE SME.
IPO Timeline:
| Event | Date (Tentative) |
| IPO Open Date | Sep 30, 2025 |
| IPO Close Date | Oct 3, 2025 |
| Tentative Allotment | Oct 6, 2025 |
| Initiation of Refunds | Oct 7, 2025 |
| Credit of Shares to Demat | Oct 7, 2025 |
| Tentative Listing Date | Oct 8, 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on Oct 3, 2025 |
Key IPO Details:
| Parameter | Details |
| Face Value | ₹10 per share |
| Issue Price Band | ₹59 – ₹63 per share |
| Lot Size | 2,000 shares |
| Total Issue Size | 54,00,000 shares (₹34.02 Cr) |
| Reserved for Market Maker | 2,72,000 shares (₹1.71 Cr) |
| Net Offered to Public | 51,28,000 shares (₹32.31 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Shareholding Pre-Issue | 1,49,52,550 shares |
| Shareholding Post-Issue | 2,03,52,550 shares |
IPO Reservation:
- QIB: Not more than 50% of net issue
- Retail: Not less than 35% of net issue
- NII: Not less than 15% of net issue
Lot Size & Investment:
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 4,000 | ₹2,52,000 |
| Retail (Max) | 2 | 4,000 | ₹2,52,000 |
| S-HNI (Min) | 3 | 6,000 | ₹3,78,000 |
| S-HNI (Max) | 7 | 14,000 | ₹8,82,000 |
| B-HNI (Min) | 8 | 16,000 | ₹10,08,000 |
Promoter Holding:
Promoters include Dr. Satya Narayan Chandak, Mr. Sanjay Chandak, Mr. Divye Chandak, Mrs. Mini Chadha, and related HUFs.
- Pre-IPO: 96.99%
- Post-IPO: 71.26%
Book Running Lead Manager: Narnolia Financial Services Ltd.
Registrar: Skyline Financial Services Pvt. Ltd.
Sheel Biotech Ltd.: Financials
Financial Highlights (₹ Crore):
| Period Ended | 31 May 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 105.98 | 105.95 | 93.89 | 93.08 |
| Total Income | 3.99 | 92.55 | 80.19 | 71.07 |
| Profit After Tax | 0.48 | 10.51 | 5.08 | 4.51 |
| Net Worth | 73.21 | 72.73 | 63.54 | 59.75 |
| Reserves & Surplus | 69.07 | 68.58 | 59.40 | 55.61 |
| Total Borrowing | 25.22 | 23.54 | 19.17 | 23.58 |
Key Performance Indicators (FY2025):
- Market Cap: ₹128.22 Cr
- ROE: 13.59%
- ROCE: 16.34%
- Debt/Equity: 0.32
- RoNW: 13.59%
- EBITDA Margin: 14.71%
- Price to Book Value: 1.26
- EPS Pre-IPO: ₹7.03 | Post-IPO: ₹1.43
- P/E Pre-IPO: 8.96x | Post-IPO: 44.07x
Objects of the Issue
The IPO proceeds are proposed to be used for:
| Object | Amount (₹ Million) |
| Capital Expenditure Requirement | 91.2 |
| Working Capital Requirement | 158.8 |
| General Corporate Purposes | Balance |
Industry Outlook
The biotechnology and floriculture sectors in India are witnessing increasing demand for:
- Tissue-cultured, disease-free planting materials
- Eco-friendly, organic farming solutions
- Greenhouse and horticultural infrastructure
- FPO management and skill development programs
Sheel Biotech, with its integrated services and strong R&D capabilities, is well-positioned to leverage this market growth.
Sheel Biotech IPO: Peer Comparison
Sheel Biotech IPO can be compared with peers like Kaveri Seed Company Ltd, Nuziveedu Seeds Ltd, Advanta Ltd, Rasi Seeds Ltd, and JK Agri Genetics Ltd. Reviewing these companies helps investors gauge Sheel Biotech’s position in the biotechnology, floriculture, and horticulture sectors and make informed investment decisions.
Conclusion
Sheel Biotech Limited IPO offers investors exposure to a niche biotech and horticulture company with consistent revenue and profit growth. Its wide range of services, integrated operations, and experienced management team make it an attractive investment opportunity. Investors should, however, consider risks such as sector-specific uncertainties, dependency on agricultural cycles, and post-IPO shareholding dilution.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
